Golar and West African Gas Limited Agree Ghana FSRU Contract
November 04 2015 - 5:46AM
Hamilton, Bermuda: Golar LNG
Limited ("Golar") announced today that it has executed a firm
contract to provide West African Gas Limited ("WAGL") with Floating
Storage and Regasification Unit ("FSRU") services to support their
Liquefied Natural Gas (LNG) import operations in Ghana.
WAGL is jointly owned by
subsidiaries of the Nigerian National Petroleum Corporation
("NNPC") with 60% and Sahara Energy Resource Ltd ("Sahara") with
40%. The joint venture is developing an LNG import project at
the port of Tema on the coast of Ghana West Africa with a planned
start up in Q2 2016. The FSRU will be moored inside the port
at a new jetty being built by WAGL.
The contract will be for an
initial period of 5 years with the option for WAGL to extend for a
further 5 years. The contract is for the provision of the
170,000cbm new build FSRU Golar Tundra which delivers to Golar from
Samsung during November of 2015. Golar Tundra will deliver to WAGL
in Ghana following some minor modifications to the vessel in
Singapore. The EBITDA expected in the first full year of
operation is approximately $44 million.
Golar LNG's CEO, Gary Smith said
"Ghana represents an exciting new business opportunity for Golar.
West Africa is becoming an increasingly important region for our
business and we are proud to be jointly developing Sub Saharan
Africa's first FSRU in partnership with WAGL. We are very
pleased that WAGL has entrusted Golar with their FSRU services
which again demonstrates our established reputation as a leading
operator of floating midstream LNG assets. As this is a
five year charter, the vessel will be offered to Golar LNG Partners
L.P. ("Golar Partners") to acquire providing for another potential
acquisition with a new and particularly strong
counterparty."
Umar Ajiya, Manager Director of
WAGL, stated that the JV is proud to be part of a project that
signposts immense prospect for economic growth and development of
the power sector in Ghana. "This landmark achievement is the first
of its kind in Sub Saharan Africa and strategically positions Ghana
to be an Energy Hub. By contracting with the best-in-class
companies like Golar LNG, WAGL has set clear standards of the
highest order and reaffirmed its belief in the sub region as a
stable environment for doing business". Both NNPC and Sahara remain
committed to contributing to projects geared towards socio-economic
advancement in all locations they operate in through sustainable
partnerships, smart investments and Good Governance."
FORWARD LOOKING
STATEMENTS
This press release contains
certain forward-looking statements concerning future events and
Golar's operations, performance and financial condition.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain the words
"believe", "anticipate", "expect", "estimate", "project", "will
be", "will continue", "will likely result", "plan", "intend" or
words or phrases of similar meanings. These statements involve
known and unknown risks and are based upon a number of assumptions
and estimates that are inherently subject to significant
uncertainties and contingencies, many of which are beyond Golar's
control. Actual results may differ materially from those expressed
or implied by such forward-looking statements.
Hamilton, Bermuda
November 4, 2015
Enquiries:
Golar Management Limited: + 44 207
063 7900
Brian Tienzo
Stuart Buchanan
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
HUG#1964023
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